The price of Brent oil exhibited renewed upward movement in recent trading sessions, staging a notable attempt to breach the formidable 91.00 resistance barrier. However, the market encountered staunch resistance at this level, leading to a temporary shift towards a bearish bias. For the bullish trajectory to regain momentum, it is crucial for the price to find a catalyst that will enable it to surmount this resistance hurdle, paving the way for the next targets situated at 92.35, followed by 93.20.
It’s essential to emphasize that the prevailing bullish trend remains intact for the foreseeable future, contingent upon the level of 89.10 holding its support role. A breach of this level would introduce a negative element that could trigger a price decline, potentially testing the 88.20 region before any potential recovery efforts are made.
The anticipated trading range for today is bound by support at 89.50 and resistance at 92.50, signifying the pivotal price zones that traders should closely monitor.
As of now, the overall outlook for the day remains bullish, provided the critical support level at 89.10 remains unbroken.
